28Power for corporations to hold property as joint tenants

28 Power for corporations to hold property as joint tenants (1) A body corporate shall be capable of acquiring and holding any real or personal property in joint tenancy in the same manner as if it were an individual, and where a body corporate and an individual or two or more bodies corporate become entitled to any such property in circumstances or by virtue of any instrument which would if the body corporate had been an individual have created a joint tenancy they shall be entitled to the property as joint tenants: Provided that the acquisition and holding of property by a body corporate in joint tenancy shall be subject to the like conditions and restrictions as attach to the acquisition and holding of property by a body corporate in severalty. (2) Where a body corporate is joint tenant of any property then on its dissolution the property shall devolve on the other joint tenant. (3) This section shall apply in all cases of the acquisition or holding of property on or after the eighth day of August One thousand nine hundred and two. S. 28A inserted by No. 6814 s. 2, amended by No. 7264 s. 2(1), repealed by No. 9075 s. 5(2), new s. 28A inserted by No. 23/1998 s. 4.